The European Commission (EC) has outlined plans to expand the scope of the European Union's Emissions Trading Scheme (EU ETS) for the trading period of 2013-2020 (known as 'phase III').
The draft law is intended to "strengthen, expand and improve the functioning of the ETS," to help the EU meet its target of a 20% reduction on 1990 emissions levels by 2020. A target of 30% will be adopted if countries outside the EU commit to comparable efforts in reducing emissions.
The law proposes a single, EU-
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